Asia to spearhead cryptocurrency industry growth in 2020

2020-01-14

According to recent interviews conducted by the Coinhacko.com recently with top cryptocurrency industry leaders, Asian countries are likely to lay the foundation for the crypto and blockchain industry growth this year.

Cryptocurrencies have not only survived some of the biggest financial and economic turmoil in the last decade but also emerged as one of the most profitable investment assets of the 21st century. Leading from the front are Asian countries that are contesting among each other to become the next blockchain or cryptocurrency industry hub.

With more explicit guidelines for cryptocurrency and blockchain, central banks exploring the idea of launching their very own digital currency, and top private and public entities integrating this emergent technology, the race to become the next silicon valley of newest technologies has never been more intense.

Asia will shape up the cryptocurrency industry in 2020, crypto experts

Several renowned cryptocurrency industry names aired their opinions about how Asia will shape up this industry and pave the way for the rest of the world. According to them, a progressive country like Singapore is the top choice for leading fintech firms or crypto and blockchain startups as clear-cut regulations not only make it easier for them to establish their ground but also offers access to over six hundred million consumer base of the segmented Southeast Asian market.

Not only that, the Payment Services Act, the forward-looking and a robust framework drafted by the Parliament of Singapore to regulate the payment service providers in Singapore, safeguard consumer interests and incentivize growth and development in the field, is all set to come into force come 28th January 2020. The new directive is expected to open Singapore’s doors to more investment and development.

Liu Tianwei, CEO of Xfers, a crypto startup looking to streamline bank transfers, is of the opinion that digital assets will bloom as an asset class. The clearly-marked regulatory framework in the ASEAN region will make it an attractive industry for derivatives market and fresh talents for around the world, he said.

CTO of the multi-signature and multi-currency crypto wallet BitGo, Ben Chan, suggests that the world is rife with economic uncertainties with fiat currencies failing to hit the mark. This, according to him, is likely to trigger increased interest in central bank digital currencies.

Cryptocurrency market researcher, CoinMarketCap, had earlier revealed that a significant portion of market growth could be attributed to Bitcoin and its exciting journey at the price market. Thus, Spencer Yang, who is the VP of Operations, believes that BTC will continue to set the ball rolling for the cryptocurrency industry in 2020. Besides, cryptocurrency adoption, volatility and liquidity will remain hot topics for discussion throughout the year. Yang also declares that Asia will spearhead innovations in crypto that foster their presence in our daily lives.

Lastly, Eddie Chew, the VP of corporate affairs at Bitmain, a cryptocurrency mining giant which is caught amid controversies and legal hassles, thinks that the unambiguity in Asian regulatory standards for crypto will eventually help in mainstreaming of the digital assets. It will finally obtain the legitimacy it’s been looking for, he affirmed.